The residential real estate market in India is experiencing an unprecedented upswing, with sales of apartments witnessing a remarkable 21% surge in the period from January to September. According to a recent report from property consultancy firm JLL India, the sale of apartments across seven major cities in the country has reached 196,227 units during this period, showcasing a substantial increase in demand. This growth indicates that the sector is on track to surpass its annual sales figures for the year, underscoring the resilience of the real estate market.
Thriving Real Estate Market: 21% Surge in Apartment Sales
The JLL India report highlights a significant uptick in the sale of apartments, reaching a total of 196,227 units between January and September. This impressive growth is attributed to increasing demand and a strong performance in the real estate sector. For comparison, the same period in the previous year saw the sale of 161,575 units.
Interestingly, the sales of apartments in the first three quarters of this year have already achieved 91% of the total annual sales recorded in 2022. With the onset of the festive season, it is expected that robust sales will continue in the upcoming quarter, potentially leading to annual sales figures exceeding 215,000 units, as noted by JLL India.
New Launches Reflect Market Resilience
The robust nature of the Indian real estate market is further exemplified by a parallel surge in new apartment launches. JLL’s data shows that new launches have risen by 21%, totaling 223,905 units in the first nine months of 2023, compared to 184,317 units in the same period the previous year.
These encouraging statistics signify the continued growth and development within the sector, even amidst economic fluctuations and external factors.
Key Cities and Housing Types
The report tracks seven prominent Indian cities, encompassing Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, and Pune. It’s important to note that the data specifically pertains to apartments and row houses, while villas and plotted developments are excluded from this analysis.
According to Siva Krishnan, Head of Residential, India, JLL, “The prominent launches by branded developers saw good sales traction across all seven cities. Also, the consecutive fourth pause in the policy rate by the RBI will have a positive impact on residential sales as financial institutions will maintain the home loan interest rates at the present levels.”
